SOURCE: Haz Holdings, Inc.

August 29, 2007 10:25 ET

HAZ Holdings, Inc. Announces Engagement of New Auditor to Complete Past Financial Reports

FEDERAL WAY, WA--(Marketwire - August 29, 2007) - HAZ Holdings, Inc. (PINKSHEETS: HAZH), which manages a portfolio of full-service hotels, today announced the selection of Gruber & Company, LLC to complete the company's past financial statements, including annual reports for the 2005 and 2006 fiscal years, as well as all three quarterly reports for 2007.

Javelin Advisory Group, a business consulting firm, was recently retained to initiate efforts to bring the company current with its financial filings and achieve fully reporting status. Javelin will work with Gruber & Company to complete and file the past financial statements and maintain fully reporting status once it is achieved.

HAZ Holdings believes that by filing all past financial statements the company can be properly positioned in the public markets as it executes its growth strategy.

"By engaging Gruber & Company to work with Javelin Advisory Group to complete all of our past financial reports, we have initiated the process of achieving fully reporting status," commented HAZ Holdings CEO Dr. Karim Bhanji.

"Once we are fully reporting, we can evaluate the company's options related to a potential listing in an appropriate market. The continued growth of our hotel ownership portfolio will be a critical aspect of these efforts, as it will allow HAZ Holdings to be properly valued as a public company based on its current and future revenues and assets," Dr. Bhanji added.

Shareholders and anyone interested in following the progress of the company are encouraged to subscribe to the company's mailing list located at http://investors.hazholdings.com/ealert.php, through which HAZ Holdings disseminates newly disclosed information, including press releases, notices of SEC filings, investor newsletters and other material, to subscribers directly by email.

About HAZ Holdings, Inc.

HAZ Holdings owns and manages three mid-scale, full-service hotels in the United States and Canada, under the brand names "Hotel Monarchy & Suites" and "Monarchy Inn & Suites" (www.hazhotels.com). HAZ Holdings' five-year business plan is to increase its hotel ownership portfolio by acquiring hotel properties that range in size from 100-300 rooms per property, while concurrently franchising additional hotels under its brand names. The Company's portfolio also includes the following wholly owned subsidiaries: Mortgage and Financial Institute, LLC (www.mfibanking.com), a mortgage brokerage company specializing in commercial and residential lending in Washington and Alaska; Nationwide Hotel Management, LLC, a hotel management company; KB Realty Group International LLC, a commercial and residential real estate sales company; Evergreen Sound Construction, LLC, a commercial and residential development company; and DoTravelDeals (www.dotraveldeals.com), a global travel booking engine.

This press release may contain "forward-looking statements." Although we believe that the expectations reflected in any forward-looking statements are reasonable, HAZ Holdings cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which HAZ Holdings bases its predictions and/or forward-looking statements could materially affect its actual results.

Contact Information

  • Contact:
    Gemini Financial Communications
    A. Beyer
    951-677-8073
    Email Contact